Page 644 - IOM Law Society Rules Book

266 Proceeds of Crime Act 2008 c.13

Tracing 57. (1) Where property obtained through unlawful conduct
property, etc.
(“the original property”) is or has been recoverable, property which
P2002/29/305 represents the original property is also recoverable property.

(2) If a person enters into a transaction by which —

(a) that person disposes of recoverable property, whether
the original property or property which (by virtue of
this Chapter) represents the original property; and

(b) that person obtains other property in place of it,

the other property represents the original property.

(3) If a person disposes of recoverable property which
represents the original property, the property may be followed
into the hands of the person who obtains it (and it continues to
represent the original property).

Mixing 58. (1) Subsection (2) applies if a person’s recoverable property
property is mixed with other property (whether that person’s property or
P2002/29/306 another’s).

(2) The portion of the mixed property which is attributable
to the recoverable property represents the property obtained
through unlawful conduct.

(3) Recoverable property is mixed with other property if
(for example) it is used —

(a) to increase funds held in a bank account;

(b) in part payment for the acquisition of an asset;

(c) for the restoration or improvement of land;

(d) by a person holding a leasehold interest in the property
to acquire the freehold.

Recoverable 59. (1) This section applies where a person who has recoverable
property: property obtains further property consisting of profits accruing in
accruing
profits respect of the recoverable property.
P2002/29/307
(2) The further property is to be treated as representing the
property obtained through unlawful conduct.

Recoverable 60. (1) If —
property:
general (a) a person disposes of recoverable property; and
exceptions

P2002/29/308